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REFILE-Coal India's April 1 stocks down 18.3 pct on yr -source
April 9, 2013 / 10:53 AM / 4 years ago

REFILE-Coal India's April 1 stocks down 18.3 pct on yr -source

(Refiles to fix table formatting)
    NEW DELHI, April 9 (Reuters) - State-run Coal India Ltd
 began the fiscal year on April 1 with stockpiles down
18.3 percent from a year ago, a company source said on Tuesday,
as the miner ran down stocks to their lowest in four years in a
bid to meet supply targets.
    The miner, which produces about 80 percent of India's coal,
typically sells more coal than it produces each year, digging
into stocks to meet soaring demand in Asia's third-largest
economy, where chronic power shortages crimp economic growth.
    Coal stocks stood at a provisional 57.9 million tonnes, the
source, who declined to be named in line with company policy,
told Reuters in a text message. 
    Coal fuels more than half of India's power generation. With
capacity additions in the power sector having outpaced growth in
domestic coal output, many power plants are forced to run below
potential.
    Coal India produced 452.2 million tonnes of the fuel and
supplied 465.2 million tonnes in the year to March 2013, but
fell short of annual targets despite registering annual growth
in production and supply.
    "A decline in stocks could be a result of an increase in
demand, which is a good sign," said an energy analyst with a
global firm, who did not wish to be named because he is not
authorised to speak to the media.
    However, he warned any rapid depletion of inventory would
leave Coal India exposed to supply shocks.
    The world's biggest coal miner is chasing a production
target of 482 million tonnes and a supply target of 492 million
tonnes, both set by the coal ministry, this year.
    These represent increases of 3.9 percent and 4.7 percent
respectively over Coal India's targets for the year to March
2013.
    "These numbers are dependent on various factors which are
not within Coal India's control," the company source said.
    Coal India's productivity suffers from difficulties in
arranging rail transport for its coal and delays in securing
environment and forestry approvals for its new mines.    
    Here are Coal India's April 1 pithead stocks since 2009 (in
million tonnes):
  
  Year         Stocks
               
 (On April 1)  (in mln T)
               
 -----------   -----------
 2013          57.90
               
 2012          70.88
               
 2011          69.17
               
 2010          63.54
               
 2009          47.73
               
   
    Coal India's annual supply targets and achievements since
2009/10:
    
 Fiscal year        Target     Actual supply  Materialisation       
                  (in mln T)    (in mln T)                          
  --------------------------------------------------------------    
 2009/10             437.00       415.88              95.0%         
 2010/11             460.50       424.30              92.0%         
 2011/12             452.00       432.94              96.0%         
 2012/13             470.00       465.23              98.9%         492.00        -                   -
 2013/14*            492.00        -                   -            
 (Fiscal year began on April 1)
($1=54.8350 Indian rupees)

 (Reporting by Malini Menon; Editing by Clarence Fernandez)

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